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We have a contractual right to trigger a sale of the portfolio after seven or eight years of joint ownership, or they buy back our interest at appraised value.
As the economy deteriorated, the appraised value of our inventory began to fall, which meant that even if we hit our numbers, we might eventually find ourselves without enough cash to buy inventory.
The Our Towns column yesterday misstated the appraised value and purchase price of an apartment building in Roslyn Heights, L.I., acquired as housing for homeless familes.
"Be sure not to hire an appraiser who charges a percentage of the appraised value," Proulx adds.
The appraised value was $450,000; Community Advocates Inc. paid $475,000.
Step three: The hypothetical net profit from the plan becomes the basis for an appraised value.
More often, the buyer and seller meet halfway between the original price and the appraised value.
The appraised value, he adds, is "the retail value for insurance purposes".
The real estate boom has tacked another $200,000 in appraised value onto their house.
That meant the land could not be heavily developed, which lowered its appraised value.
The starting bid has been set below the appraised value to generate interest.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com